- Silver remains on the recovery mode, reversing late Friday’s pullback.
- Sustained break of 100-SMA, firmer RSI favor bulls.
- Three-week-old horizontal area, 200-SMA become strong resistances to watch.
Silver (XAG/USD) begins the trading week with an uptick to near $22.70. The bright metal poked the highest levels since mid-September the previous day before easing from $23.20.
Even so, the quote’s ability to stay beyond the 100-SMA amid firmer RSI conditions helps the commodity buyers to stay hopeful.
However, a short-term horizontal area precedes the 200-SMA, respectively around $23.15-25, to challenge the XAG/USD bulls before giving them controls.
Following that, $24.00 and $24.30 may probe the upside momentum prior to highlighting the last month’s peak near $24.85.
Meanwhile, pullback moves remain less destructive until silver prices remain beyond the 100-SMA level of $22.47.
Also acting as the downside filter is the previous resistance line from September 07, near $21.80 by the press time.
Silver: Four-hour chart
Trend: Further recovery expected
Additional important levels
|Today last price||22.67|
|Today Daily Change||0.00|
|Today Daily Change %||-0.00%|
|Today daily open||22.67|
|Previous Daily High||23.19|
|Previous Daily Low||22.44|
|Previous Weekly High||23.19|
|Previous Weekly Low||22.21|
|Previous Monthly High||24.87|
|Previous Monthly Low||21.42|
|Daily Fibonacci 38.2%||22.9|
|Daily Fibonacci 61.8%||22.72|
|Daily Pivot Point S1||22.34|
|Daily Pivot Point S2||22.01|
|Daily Pivot Point S3||21.59|
|Daily Pivot Point R1||23.1|
|Daily Pivot Point R2||23.52|
|Daily Pivot Point R3||23.85|
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